PSFK Future of Retail Report 2012

This annual survey of retail trends from the business innovation team at PSFK Labs captures and contextualizes the early stages of a seismic shift that is changing the face of the retail landscape.

Big-box retailers like Best Buy and Walmart are beginning to feel the heat as sales decline in the face of stiffer competition from e-commerce giants like Amazon. 'Showrooming' is the new reality. Shoppers are more educated than ever before and the ability to check prices on the fly has resulted in increased commoditization and a rethinking of how brands and retailers go about providing a differentiated offering. The pressures that companies like Amazon and Alice.com are exerting on the marketplace have forced traditional retailers to contemplate a multi-channel approach to online, mobile and bricks-and-mortar sales.

PSFK's Future of Retail Report shows that a hallmark of this changing retail environment is the savvier shopper, who takes advantage of technology, is prepared to offer their personal data for a better experience, and has come to expect contextually relevant recommendations. They are actively engaged, want a say in what products get made, will evangelize offerings to get a better price for themselves and their friends, and want to be rewarded for sharing their knowledge and expertise.

In our latest version of the Future of Retail report, PSFK explores the new retail reality, taking a deeper look in the trends that are driving the change in shopper behaviors and expectations as defined by Retail on Demand and the New Brand Champion.

To order a full version of the Future of Retail report 2012 please visit: http://www.psfk.com/future-of-retail

“LET ME SELL ON YOUR
BEHALF”THE NEW BRAND CHAMPIONSetting The StageSHOPPER ASBy clearing the air before customers enter a store and calling out targetedAFFILIATmoments for valuable interactions, retailers are helping to create thefoundations of a focused and worthwhile interaction

“HELP ME DECIDE WHICH ONE
TOBUY”Meta-LibraryBy tapping into the wealth of online information by leveraging imagerecognition search and augmented reality to present detailed information andcontextual relevance, users are able to use information without being tied toa specific medium or behavior.

“LET ME NAME MY PRICE”Layered
VirtualShowcaseWith a growing level of peer to peer communities that are working togetherand searching for service answers, the right information is being rewardedand being presented in easy formats for large groups of people to use andshare.A new set of digital services are enabling shoppers to visually experienceand experiment with products before they buy.

“Teach Me How To Use
This”RETAIL ON DEMANDSubject SpecialistSHOPPER COACHING Staff members with specialized knowledge bases who can provide smarter answers and product recommendations to their customers in-store, online and over the phone.

“LET ME BUILD THE PERFECT
ONE FOR ME”Experience CentersBest-in-class brands are creating experience centers where consumers areapproached, not only as shoppers, but as sophisticated learners who areeager to engage and create

“HELP ME CHOOSE THE PERFECT
FIT”Reading The CustomerRETAIL ON DEMANDFIT WITH A CLICKOpt-in services that allow customers to make their personal data available tomembers of staff in exchange for the promise of tailored service, productrecommendations and optimization.